Global chemical engineering industry enters its peak period
At present, the chemical engineering sector is experiencing a significant boom, with numerous projects under construction and in planning stages. This has led to the most dynamic period in the construction market in over a decade. According to US-based Foster Wheeler, the investment cycle in chemical engineering is quite pronounced, and the upward trend in the global chemical industry since 2004 is expected to continue through 2008.
**Chemical Engineering Booms in the Middle East**
Currently, both the Middle East and China are witnessing a surge in chemical engineering projects from global oil and gas companies. The primary drivers behind this growth include the availability of low-cost raw materials in the Middle East and the strong demand expansion in the Chinese market. Notable projects include the FluorKuwait initiative, a joint venture between Fluor and Kuwait Alghanim & Sons. Additionally, a large portion of Linde Engineering’s orders come from the Middle East, with Italy accounting for 80% of a $1.5 billion contract by Tecnomont. Despite the region's ambitious petrochemical projects, Iran remains excluded from Western engineering firms due to political restrictions. American companies have long been barred from the Iranian market, opening up more opportunities for European and Asian firms. However, European banks have also started refusing to fund Iranian projects, as seen in the recent cancellation of Linde’s $400 million contracts in Bandar Assaluyeh due to financing issues.
**Restructuring and Mergers in the Industry**
To gain a stronger foothold in the competitive chemical engineering market, the global construction industry has witnessed a wave of mergers and acquisitions. CH2M acquired Lockwood Greene and restructured into three business groups, including one focused on industrial and chemical engineering. LummusGlobal filed for bankruptcy protection due to asbestos-related claims and proposed a restructuring plan. Meanwhile, the Italian Maire Group spent 180 million euros to acquire Tecnimont from Edison, and Germany’s Linde Group agreed to buy British Oxygen at £16 per share.
Collaborations have also become a key strategy for securing major projects. AkerKavnerDavy partnered with Johnson Matthey to win a methanol project in Egypt, while AkerKavnerDavy and PrajIndustry jointly developed a bioethanol plant in the same region.
**Business Highlights and Specialization**
As the chemical engineering field expands, companies are focusing on their core strengths to stand out. LindeEngineering is the world’s leading supplier of air separation plants, known for its expertise in air separation, hydrogen, and olefins projects. Tecnimont, with its €1.5 billion contract, specializes in petrochemical engineering. Washington Group International (WGI), originally strong in upstream petroleum engineering, has shifted focus toward chemical projects, particularly in refining and sulfur treatment. Bechtel, the world’s largest engineering and construction firm, has made significant strides in the U.S. oil, gas, and chemical sectors, maintaining dominance in the global LNG market. For Technip, 2005 marked a pivotal year, solidifying its leadership in LNG and ethylene engineering, as well as deepwater oil and gas projects.
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